EMEA
Ardenton Capital invested in auto parts maker Shaftec.
Shaftec is a Birmingham-based provider of automotive parts to the UK aftermarket. No financial terms were disclosed.
Iain Marlow, Director of Ardenton UK, said: “We seek to partner with exceptional management teams who demonstrate a clear passion for their businesses and are committed to long-term and sustainable growth. Shaftec Automotive is a true market leader and its success to date is a testament to the operational excellence and dedication of its management team.”
Clearwater International and Higgs and Sons advised Shaftec. Carlton Strategy Advisors, BDO and Pinsent Masons advised Ardenton Capital. PNC Financial Services provided financing.
Elliott takes a €930m minority stake in Pernod Ricard.
Pernod Ricard is a French company that produces distilled beverages. Elliott Management will work with the family-backed French company to try to improve its performance. According to the hedge fund, Pernod possesses an outstanding portfolio of leading international spirits brands and offers one of the most attractive investment opportunities in the industry, with significant potential for improvement.
Despite the favorable economic backdrop for the spirits industry over the last decade, the company has lost market share across key segments within its portfolio and underperformed its peers on several metrics.
Elliott also sent a letter to the board of Pernod Ricard asking for cost cuts of some €500m ($567m) to help boost its operating performance.
Amey to be sold to a private equity firm.
Amey Plc, a United Kingdom-based infrastructure support service provider, is expected to be sold to a private equity firm in the new year. Ferrovial, the Spanish infrastructure group which bought Amey in 2003 for £81m ($141m), is in talks with PAI Partners and Greybull Capital with regards to selling the business.
Amey could be sold either on its own or as part of a sale of Ferrovial’s global services business that includes Broadspectrum, an Australian business that operates rigs for oil and gas clients, runs defense facilities management services and ran an offshore detention center for Australian asylum seekers until last year.
KKR-backed Pillarstone provided funding to Famar in its restructuring process.
Famar, a contract manufacturer to pharmaceutical industries, completed a €174 ($197m) debt restructuring and secured funds from private equity-backed Pillarstone to strengthen its capital position. Pillarstone is a platform set up by KKR and John Davison in 2015 to partner with European banks to create value by managing their on-balance sheet non-core assets.
Under the restructuring deal, Famar’s €234m ($265m) pre-existing debt obligations will be reduced by €116m ($131m), with maturities on all significant facilities extended by six years.
AMERICAS
Vale acquired New Steel from Hankoe FIP for $500m.
Vale, a Brazilian multinational corporation engaged in metals and mining, acquired New Steel, a company that develops innovative iron ore beneficiation technologies and currently owns patents of dry processing concentration in 56 countries, from Hankoe FIP for $500m.
This technology will support the development of Vale’s high-grade pellet feed initiatives, including the South-eastern System 20 Mtpy pellet feed project.
Cobepa completed the acquisition of BioAgilytix from Riverside Company for $280m.
Cobepa SA, a privately-held investment company, completed the acquisition of BioAgilytix, a leading provider of large molecule bioanalytical testing services, from Riverside Company for $280m. The deal was first announced on November 2. The acquisition by Cobepa will provide BioAgilytix with increased funding and resources to meet a growing demand for its high-quality services, driven by its strong scientific reputation and leading expertise in biologics development.
“We recognize BioAgilytix as a leader in the specialty area of large molecule bioanalysis, and with our support, its team will be fully equipped to help global pharmaceutical and biotech sponsors bring more large molecule drugs to market, faster,” said Peter Connolly, Managing Director, Cobepa North America.
Lincoln International, Wells Fargo and Choate Hall & Stewart advised BioAgilytix.
Cerberus Capital Management acquired Sparton Corporation, a provider of electromechanical devices, for $18.50 per share or $182m in total. The $18.50 per share consideration represents a premium of approximately 41% over Sparton’s closing share price on December 11, 2018. The Sparton Board of Directors has unanimously approved the agreement and recommends that the Company’s shareholders approve the transaction.
Tarek Ajouz, Managing Director of Cerberus, commented, “Sparton has a proven track record as a leading manufacturer of complex electromechanical devices for leading businesses and government agencies around the world. With its industry-leading solutions and strong customer relationships, we believe there is significant opportunity to expand the Company’s leadership position in its markets further.”
JP Morgan, Blank Rome, Kirkland & Ellis, and Lowenstein Sandler advised Cerberus. JP Morgan, Wells Fargo, and Raymond James advised Sparton. MSD Partners and TCW provided debt financing.
7Park Data is a provider of data analytics software and performance indicators to institutional investment firms and Fortune 500 companies. Financial terms were not disclosed.
“Vista’s track record of accelerating growth and innovation while maximizing operational effectiveness at technology companies is truly unmatched.” said Brian Lichtenberger, Founder, and CEO of 7Park Data. “Our partnership with Vista will enable us to realize the fullest vision for 7Park as the industry leader in data analytics, one of the most dynamic and fastest moving markets globally.”
Morrison & Foerster and Kirkland & Ellis advised Vista. Raymond Jones and Goodwin Procter advised 7Park.
Endries International is a leading distributor of fasteners and related production components. Financial terms were not disclosed.
"The Private Capital Group at MSD Partners invests for the long term in companies that are stable, in industries that are thriving, and in management teams that are able to generate growth," said Kevin Brown, Managing Director in the Private Capital Group at MSD Partners. "Endries fits well with this strategy, and we are excited to join with Steve Endries and other members of the company's management team in investing for the future."
BB&T advised Endries and Nautic.
International Imaging Markets is a maker of thermal transfer ribbons, direct thermal films and fluid inks used to print-on-demand variable information. Financial terms were not disclosed.
Anjali Jolly, Partner at ACON, commented: "We are excited to collaborate with the IIMAK management team and provide the company the resources it needs to maintain its strong position in its core markets and to accelerate IIMAK's growth and diversification initiatives."
BHP decides not to sell Cerro Colorado mine to EMR Capital.
BHP, the Melbourne-based mining giant, called off the deal to sell its smallest Chilean copper operation as buyer EMR Capital Advisors Pty failed to meet the financing conditions. The $320 acquisition was first announced in June 2018.
“The decision to call off the deal was agreed upon by both parties after it became clear that financing conditions would not be met within the agreed upon timeline,” a spokeswoman for BHP told Reuters.
L Catterton acquired hot sauce brand Cholula.
Cholula is a brand of chili-based hot sauce whose investors include Mexican tequila producer Jose Cuervo. L Catterton sees an opportunity to continue expanding Cholula sales in North America and international markets such as Britain, Australia, and Germany. Financial terms were not disclosed.
“Cholula represents a compelling opportunity to invest in a premium brand with an established reputation for quality and authenticity in the growing hot sauce category,” L Catterton Global Co-Chief Executive Scott Dahnke said in a statement.
Oak Hill Capital sets $3bn target for its new fund.
According to an SEC filing submitted by Oak Hill, the company set a target of $3bn for its fifth flagship fund. The firm specializes in making investments of $100m to $300m in the retail, consumer, industrial, media and services industries in North America. Its fourth fund was closed in July of 2017 at $2.65bn.
8minutenergy, JP Morgan and Upper Bay formed a financing joint venture.
8minutenergy Renewables is a private solar and storage developer in the United States. The project aims to provide equity capital to support 8minutenergy’s 10.7-gigawatt pipeline of utility solar and storage projects. The joint venture has already secured over $200m in funding.
Scotiabank and Bank of America Merrill Lynch advised on the formation of the joint venture.
InVision raised $115m from a consortium led by Stark Capital.
InVision, a provider of a design collaboration platform for startups, corporations, and design agencies, doubled its valuation to $2bn after completing a $115m series F financing round led by Spark Capital. Goldman Sachs also participated in the round, as did existing investors including Battery Ventures, Iconiq Capital and Tiger Global. Megan Quinn, a general partner at Spark Capital, will join the board of InVision.
APAC
Apax matches Hellman & Friedman's bid for Trade Me with an NZ$2.56bn offer.
New Zealand’s top online marketplace Trade Me is set to be acquired by Apax Partners for NZ$2.56bn ($1.8bn) after the British firm matched a rival offer from Hellman & Friedman. Apax offered to pay NZ$6.45 (4.43) per share, NZ$0.05 ($0.03) more than it offered in November.
“After careful consideration, the board has unanimously concluded that this offer is consistent with our efforts to deliver maximum value for shareholders,” Chairman David Kirk said in a statement, adding the deal would need shareholder and court approval.
Apax was advised by UBS, while Trade Me was advised by Goldman Sachs.
Anbang Insurance put its stake in Chengdu Rural Commercial Bank for sale for CNY16.8bn.
The 35% stake will be auctioned if more than one bidder is interested in buying it. Chengdu Rural Commercial Bank provides commercial banking products and services in China.
This CNY16.8bn ($2.4bn) deal is the latest in a slew of asset sales undertaken by Anbang, once among China’s most aggressive overseas dealmakers. Anbang is also negotiating a sale of $200m worth of Japanese real estate properties to Blackstone. Further asset sales are expected.
UBS and China International Capital Corp advise Anbang on the sales.
Warburg Pincus and Hande will invest $1bn in Chinese real estate.
Warburg Pincus and its Chinese partner, Hande Group, plan to invest $1bn into distressed, debt-laden properties in China. The companies are looking to acquire properties sitting in the centers of China's megacities and the debt associated with those real estate assets. Under their plan, the properties would be held for at least four or five years, either being directly managed or leased, Warburg said.
Warburg Pincus expects properties foundering under debt to proliferate. The partnership plans to expand their investment to $5bn under management within three years.
Lexington delivers liquidity to TPG funds with $1bn deal.
In total, the secondary liquidity transaction represents a capital commitment of approximately $1bn. Lexington is the lead investor and acted as the buyer representative on behalf of the buyer group. Other terms were not disclosed.
Commenting on the transaction, Kirk Beaton, Partner of Lexington, said: “We are excited about the opportunity to partner with such a high-caliber manager in a large and complex secondary transaction involving quality assets with market-leading positions in both mature economies and attractive growth markets in Asia. We are also pleased to increase our exposure to TPG Asia and further strengthen our strategic relationship with this leading sponsor in Asia and globally.”
Lazard advised TPG. Kirkland & Ellis advised TPG Asia V and TPG Asia VI. Simpson Thacher & Bartlett advised Lexington Partners.
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